Stocks Fall Amid Growing Economic Worries
Wall Street extended last week's losses Monday as investors remained concerned about flagging growth and rising prices, and were skeptical that a special Federal Reserve credit auction will be a solution.
The Dow Jones industrial average fell nearly 175 points and all the major indexes lost at least 1 percent.
The Fed offered $20 billion in 28-day credit through an auction Monday. The central bank will not release the results until Wednesday, but the aim of the auction is to encourage commercial banks to borrow from the Fed. That, in turn, is designed to boost banks' lending to businesses and consumers and keep the economy humming.